(RTTNews) - Oil and gas company Sterling Energy plc (SEY.L) Friday posted a pre-tax profit for the six months to June 30, compared to a loss last year, reflecting lower cost of sales and lesser impairment of oil and gas assets. In addition, the company recorded a loss from discontinued operations last year.

For the half year, pre-tax profit was US$148 thousand compared to a loss of US$15.73 million last year.

Profit for the period was US$148 thousand or 0.07 US Cents per share versus a loss of US$35.25 million or 60.62 US Cents per share in the previous year.

Revenues for the period were lower at US$12.23 million from US$16.28 million in the prior year.

The company noted that it proposed no dividend to be paid for the six months.